Minoan Seeks Capital Increase for Fleet Renewal Program
Greek ferry operator Minoan Lines plans a capital increase to partly finance its fleet renewal program but may opt to sell non-core holdings if stock market conditions do not improve…
Another Takeover for Carnival Corp.?
The world's largest travel group Preussag AG on Monday declined to comment on reports that Carnival Corp was considering a bid for its Hapag-Lloyd cruise division.
Singapore-Flagged Tanker Sinks Off Malaysia's West Coast
A Singapore-flagged tanker sank in the Strait of Malacca off Malaysia's west coast after colliding with another tanker on Monday, a maritime official said. Rescuers saved the 12-member crew of the 1…
New Zealand Works To Fix NZ Refining's Clog Up
New supplies of diesel would be in place at all New Zealand marine fueling stations by Friday, replacing stocks of fuel affected by an additive that clogs engine filters, NZ Refining Co.
Faulty Sprinklers Keep Norwegian Cruise Ship in Port
A cruise ship with more than 2,000 passengers aboard was barred from leaving port in Miami for a second day on Monday, pending repairs to fix what the U.S. Coast…
Analysts Predict Hutchison Whampoa Expansion Will Offer Long Term Benefits
Hutchison Whampoa Ltd's deal to expand its container port network to six new countries will not bring big near term gains in revenue and net asset value, but analysts…
Trade Officials To Discuss Korean Shipbuilding Disputes
European Union and South Korean trade officials will meet next week in Seoul to resolve a dispute over alleged shipbuilding subsidies by Korean yards. "Working-level…
Turkey To Ship Water To Israel
Turkey and Israel were unable to finalize a deal on Thursday to export 50 million cubic meters of Turkish water a year to Israel because the transport costs have yet to be decided…
Port Congestion Chokes Nigeria's Economy
Worsening congestion at Nigeria's major ports is crippling the economy of the West African sub-region. Manufacturers say essential cargoes are stranded at the ports…
MISC Expects Good Profits
Malaysian International Shipping Corp. (MISC), the world's largest liquefied natural gas (LNG) carrier, said it expects profits in fiscal 2002 to be higher than 2001.
Tender Issued For Zim Israel Navigaton
Israel's Government Companies Authority issued a tender for the state's 48.6 percent stake in container shipping company Zim Israel Navigation Co. The government…
NOL To Split, List American Eagle Tankers
Neptune Orient Lines, the world's sixth largest container shipper, plans to spin off and list its oil-transportation unit, American Eagles Tankers (AET), on the New York Stock Exchange.
Northrop Grumman Moves Ahead With Hostile Takeover
Northrop Grumman Corp. started its exchange offer for shares of Newport News Shipbuilding Inc., moving forward with its hostile bid despite Newport's planned merger with rival General Dynamics Corp.
Bergesen Reports Strong Profits
Norwegian shipping group Bergesen reported record first-quarter profit on Tuesday, boosted by high tanker rates, and said it expected operating profit to rise substantially this year.
Cammell Laird Receives An Offer For Teesside
Cammell Laird, which is in receivership, has had an offer to buy its Teesside yard in northeast England, giving a glimmer of hope for workers fearing further job cuts.
Lukoil Subsidiary Gets Stake In North Sea Shipping
Russia's LUKOIL-Arctic-Tanker, a LUKOIL shipping subsidiary, has acquired a controlling stake in North Sea Shipping in Archangelsk for an undisclosed price. The newly-acquired company…
The Rich Get Richer
Shipping magnate John Fredriksen is Norway's richest man, his tanker company Frontline is the world's biggest, and now his week-old gas transport venture Golar…
Damaged Tanker Impounded
An oil tanker that blew up in the Black Sea this month killing two crew was impounded by Romania on Tuesday after its Bulgarian owners failed to pay a rescue operation bill of almost $1 million.
BP Chief: Bush Plan Will Not Spur More E&P
BP Plc Chief Executive Sir John Browne described President George W. Bush's energy plan as "comprehensive" but said it would not make crude oil any cheaper and would not spur BP to step up its U.S.
UAE To Ban Bad Vessels
The United Arab Emirates will soon implement a ban on vessels carrying the flags of certain countries from entering its territorial waters. The decision follows…